Short Term Turbulence for Ripple’s XRT Coin

An important support juncture is nearby technically, and a recent lawsuit filed in California against Ripple could cause harm.

Ripple Giving Back its Recent Gains

Ripple has come off highs achieved before going into the weekend. After extending its short-term advance to the ninety U.S cents vicinity. XRP coin is now being confronted with selling pressure.

XRP/USD 4H Chart

Ripple is near eighty-one U.S cents, and important support appears to be the seventy-seven cents mark.

New Lawsuit Casting a Shadow on XRT

The broad crypto market has made a significant run-up in value the past month and Ripple has been part of this positive trend.

Ripple Daily Chart

While speculative selling in the broad crypto market may be cashing in recent profits, there is also the shadow of a new lawsuit which has recently been filed against Ripple. The class action suit claims Ripple has not acted according to U.S securities regulations.

In the short term, we believe Ripple’s XRP coin could be negative. The mid-term and Long term we are unbiased.

Yaron Mazor is a senior analyst at SuperTraderTV.

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This article was originally posted on FX Empire

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